Important document: The real estate appraisal report

Important document: The real estate appraisal report*

The appraisal report is a report containing all the features and details of the house to be purchased. As a result of the appraisal report, it is possible to learn about the land registry information (mortgage, lien, etc.), the occupancy status, the age of the building, its square meter, location and the market value of the house.

Why you need to take this document?

When you are closing a contract to buy a real estate you have to mention that if the appraisal price would be different from the price that you made a deal, Then the contract must be terminated and the deposit amount you paid must be returned to your account.

*For instance: for applying Turkish residency you need to show $200.000 in your appraisal report.

You should know that you can add this clause when concluding the contract:

If the evaluation number is lower than $200.000 the contract will be terminated.

Another point to consider is whether the apartment in question has an occupancy permit or not. As a buyer you must receive the confirmation of the accommodation permit from the owner.

WHAT IS OCCUPANCY REPORT?

The occupancy report, which is a kind of approval document issued by the authorized units after the construction of the building, showing that the building complies with the laws and regulations, means a kind of building occupancy permit. For this reason, it is also known as a building occupancy permit.

The constructed structure must be completed in accordance with the project. Only in this way is it possible to obtain a building occupancy permit or, in other words, a residence permit. Some companies delay issuing this document to avoid expense on projects that are not yet completed. For this reason, if you are considering buying a house, it would be useful to inquire about this document.

What Happens If There Is No Settlement?

One of the first things to do for a construction is to get a permit, that is, to get a residence permit. In cases where there is no settlement;

Problems may arise in obtaining approval from the municipality. Extra costs may arise for subscriptions such as electricity, water and natural gas, and it may be difficult to get these subscriptions on the flat.
Flats without a report cannot be converted from a condominium servitude deed to a condominium title deed.
If a loan will be taken to buy a house and the house does not have a condominium title deed, the loan application may not be approved. For detailed information on this subject, “For Which Types of Deeds Home Loans Can Be Used?” You can also check out our article.
Municipalities may impose fines for buildings that do not have a permit within 5 years from the date of license.
A demolition decision may be issued for buildings that have not been authorized and are not built in accordance with the project.
As you can see, this document is one of the most important things to consider when buying a house. The house you will buy has a license, but if there is no occupancy permit, it would be good to think about it; because the license alone is not a sufficient document to move into the house and live.

How to Get a Settlement Report?
In order to receive a settlement report, it is sufficient to apply to the relevant municipalities with the necessary documents completed. With the submission of all documents, the relevant unit of the municipality makes an analysis as to whether your building is suitable. As a result of the process, if your structure is appropriate, a report is given.

The Building Occupancy Permit Unit of the relevant municipalities provides service for the document. The officials here examine whether the building complies with the license and its annexes after your application.

In order to obtain a building occupancy permit, all the conditions shown in the project must be fulfilled. For example, if the sewerage infrastructure has not been completed, the application for a settlement report may be rejected.

Documents Required for the Settlement Report

The petition of the applicant or the printed form prepared by the administration
The reports of the technical responsible or building inspection institution stating that the building complies with the license and its annexes, whether appropriate materials are used, and that there is no problem in terms of science and health in the use of the building.
Energy performance certificate
Photographs of the building (2 pieces of 18×13 cm)
You should not forget to confirm the up-to-dateness of the documents required to receive the report by calling the relevant municipality.

How is Settlement Inquiry Made?
If you want to make an occupancy query regarding the residence or building, you can make the relevant search in the e-government system.